The Regretful Feeling That Comes With Taking Profit Sometimes
This feeling is something I feel we don’t talk about too much. As a trader we are told to always trade without emotions, I believe that this will come with a lot of practice and experiences. You have to experience a lot of trading to learn to be discipline without being emotionally attached to your trades.
Yesterday I wrote a post on Dollar Cost Average In/Out Your away Into Successful Crypto Trading and it’s just a summary of how I spot traded a coin called GMT, my entry and my exit. I sold off my coins at what I thought was going to be the top or rather the all time high and decided to wait for a dip so I can buy the dip and keep making profit. After some few hours, the coin kept pumping I started feeling regretful like, I should have waited for some few hours before selling off my coins. I found my self doing some regretful calculations on what my profit would have been if I had waited. This feeling never stopped as long as the price kept soaring higher. The only way I had to stop that feeling was to stop myself from always looking at the chart.
Being a trader means that things will not alway go as you plan, the market belongs to nobody, you can’t control the market, you are only a player in the financial game hoping to win. I expected to market to dip the moment I sell the top, because sometimes when I buy a coin, the market tends to dip afterwards making it seem like the market always waits for me to buy before it dips.
Emotional detachment from the market is not a myth, it’s something that I will consider achievable, I will always choose spot trading, over future trading. In spot trading the only debt you have to pay is time, but in future trading you are gambling. If I decided to trade future trading with this mentality of hoping the market will act the way I want it to act, I would have lost my $300 used in trading GMT. But with spot trading, I currently have my capital and profit, just little feelings of regrets wishing I waited.
The case would have been a different one if I had waited for some time wishing the price pumped some more but it dipped instead. This time, my post won’t have been ”regretful feeling that comes with taking profit” but it would have been ”regretful feeling that comes with not taking profit”.
If you are trader and you are always caught in the dilemma of taking profit or not, always remember that securing your capital is the most important thing to do as a trader. Secure your capital before anything else, this way, whatever profit that comes afterwards is just free money.
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I think this is good advice. Also, someone suggested DCA out as well as in. Maybe you do that already, but this person (and it is too much for my memory to remember who) said to sell 5% when you initially think a coin is doing well. Then another 5%, etc.
I am not sure I agree with the 5% - well, it depends how he meant it -- 5% of the original amount or the remaining amount? Because, if the latter, you would be selling a smaller amount each time.
The principle seemed intriguing, though, and I thought I might try it next time I have a token that increases in value. Someday soon please? Ha ha. But really.
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Yeah I DCA, I do that but I can’t help but regret after taking profit through DCA and the coin keeps pumping.
I get that. I regret nearly every move I make in crypto, but I try to remember that -- that no matter what I will do, I will likely regret it.
Yeah, the goal is to try and regret less and accept our decisions some times
I also always suggest DCA
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@dlmmqb you are the community snitch. We haven't forgotten about your wrongful and false reports against innocent hivians.
Please don't vote or support the community snitch that files wrongful blacklist reports upon innocent users.
This individual targets other minority groups from his ethnicity.
And attacks others after pretending to be their friend so he can get more information to file his wrongful reports.
Do not vote this individual. This is an individual not worthy of being followed so please mute and block this individual as well as remove all financial rewards.
There's a huge list of individuals that have been targeted wrongfully by this individual. Including myself
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I'm not a trader, but I am an earner and I think taking a little along the way is part of effective portfolio management. Of course what you take can be effected by goals, circumstances and more.
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With dollar cost average out I take little of my earnings. This is my best strategy so far